As such, the economics department at Missouri State University recently had its degree programs approved as STEM (science, technology, engineering and math) by the Missouri Department of Higher Education and Workforce Development.

The designation is vital to both students and potential employers. It is awarded to programs that meet requirements set by the Department of Homeland Security.

About STEM

The STEM program is intended to help the U.S. develop a 21st century workforce. It was established in 2016 to address the shortage of qualified workers in STEM fields.

International students graduating from STEM-designated degree programs can apply for a STEM Optional Practical Training (OPT) extension. The extension allows students to extend their work authorization for an additional 24 months as they contribute to the American economy and gain real-world experience.

“The extension allows students like me to develop our professional network and gain experience working for an American company,” said MSU alumnus Yuganesh Gunalan, an international student from Malaysia.

Increased recruitment opportunities

More broadly, attracting international students with STEM programs helps with MSU’s recruitment and diversity efforts.

“The STEM designation for economics highlights the skill-based and applied nature of our courses. It will significantly affect the recruitment of economics majors from countries outside the U.S.,” said Dr. Subhasree Basu Roy, associate professor of economics at Missouri State.

“As we navigate the demographic cliff and look for innovative strategies to boost enrollment, the STEM designation and the extended OPT opportunity will make our program attractive to international students.”

Why the U.S. needs international students

According to NAFSA Association of International Educators, international students studying at U.S. colleges and universities contributed $33.8 billion and supported 335,423 jobs to the U.S. economy during the 2021-2022 academic year.

“International students are increasingly seeking academic programs with a STEM designation. Having the opportunity to extend their post-graduation work experience to three years is valuable for international students and U.S. employers,” said Brad Bodenhausen, MSU’s vice president for community and global partnerships.

“We’re pleased to see the undergraduate degrees awarded by Missouri State’s economics department receive this important designation.”

Learn about economics programs

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The 2022-2023 winner of the Economics Alumni and John M. Carnahan, III, scholarships was Dane Puckett. Between the two scholarships, Puckett reduced his tuition by $1,500. Being awarded the scholarships helped boost his confidence as a student.

“To be recognized and appreciated for my hard work and commitment to academics is very rewarding,” said Puckett.

The Scholarships

The Economics Alumni Scholarship is awarded annually to a full-time sophomore or greater majoring in Economics. The student must have an overall GPA of 3.0 as well as a GPA of 3.0 in Economics. The scholarship amount varies depending on the availability of funds, but awards are typically $750-$1,250.

The John M. Carnahan, III, scholarship is awarded annually to a full-time junior or greater majoring in Economics. The student must have an overall GPA of 3.2. The scholarship amount varies depending on the availability of funds, but awards are typically $500-$750.

Explore MSU Economics Scholarships

The MSU Experience

Puckett is majoring in economics with a double minor in criminology and psychology. He is on track to graduate in May 2023 and plans to attend law school post-graduation.

Economics majors tend to score high on the LSAT. In recent years they have been amongst the highest-scoring students.

“The discipline has undoubtedly played a role in preparing me for law school. The rigorous coursework, demand for critical thinking and analysis, as well as reading books and professional journal articles… has served me well in preparing for law school,” explained Puckett.

His favorite economics class so far has been Game Theory. Game theory is the study of strategy. The field has applications in economics, business, military strategy, political science, sports, biology, and poker.

He found it to be a challenging course that required many hours of work but believes it is the most rewarding economics class.

“The course work and readings in Game Theory are very interesting and enjoyable, so I always looked forward to going to class,” said Puckett.

Study Economics at Missouri State

Advice to current students

“To someone considering studying economics, you will be able to complete many fun, challenging, and manageable courses. The professors want you to succeed, and continuously make time to help students.

I recommend always being prepared and staying on top of your coursework because economics is a rigorous discipline that requires you to stay busy, which in my opinion, is a good thing.

Economics has taught me so much and I will forever appreciate my experiences and professors who helped me along my undergraduate journey. I highly recommend considering economics as a degree.

I suggest you try an introductory course for a general education requirement to see if you like the content and experience. Then, make an informed decision on whether you would like to study economics in some capacity, whether that be a major or minor.”

The Missouri State University Foundation Annual Scholarship Application

The application opens on November 1, 2022. To be considered for the 2023-2024 school year scholarships, you must submit your application by March 1, 2023. Click ‘Apply Now’ to find instructions.

Apply Now

The post Economics scholarship spotlight with Dane Puckett appeared first on Economics Department Blog.

It was his study of economics that helped shape his interest in law.

“This has pushed me towards a career in law that is deeply entrenched in the financial sector,” Yaeger said. 

This past summer he was a Summer Associate at Schulte Roth & Zabel in New York City. This is the premier law firm in the country for hedge funds.

Other opportunities John has experienced since graduating in 2020 include performing policy work at the Sixth Amendment Center that focused on the issue of indigent defense reform in the United States and externing at the St. Louis County Prosecuting Attorney’s office.

An externship is similar to an internship, but while an internship focuses on helping students to gain skills, an externship aims to give students an overview of a particular field.

“This involved working on criminal appeals, assisting with trial prep for murders, domestic assault cases, and sex crimes, and legal research,” explained Yaeger.  

Study Economics at Missouri State

The MSU experience

John’s favorite economics class he took at Missouri State was Behavioral Economics taught by Dr. Flannery.

“Traditional Economics assumes that everyone is a rational actor, however, that is not the truth in the real world. The ability to consider the irrational decisions that we all make in Behavioral Economics was both interesting and has real-world applications,” said Yaeger. 

John enjoyed studying in various offices in Strong Hall.

“During the academic year I spent most of my time in Strong Hall, and I will always be particularly fond of it,” said Yaeger. He completed research in the political science department and loved getting familiar with the various places to study. 

For students in search of a similar place to study, the Economics Department has a student computer lab located in the Economics Department. This space is open to all economics students.

The thing John misses most about Springfield is the restaurant FD’s. “I visited the restaurant on a recommendation from Dr. Brown, and I have yet to have anyone recommend a better restaurant,” said Yaeger.

Advice for current students

“This advice applies beyond students studying economics. Make use of the alumni network that Missouri State has to offer. Speaking to alumni was something that I did not do, but I wish had. Meeting with alumni helps you to understand how they got to where they are and can help to guide you on where to focus your studies to be successful in the ever-changing economy,” said Yaeger.

The post Alumni spotlight with John Yaeger appeared first on Economics Department Blog.

Dr. Khan completed her Bachelor of Science in economics at North South University in Dhaka, Bangladesh. She then decided to leave her home country and pursue a Ph.D. in economics at the University of Kentucky.

After finishing her Ph.D. in 2021, Khan moved to Amherst, Massachusetts, where she taught at Amherst College. After a year at Amherst College, Dr. Khan moved to Springfield, Missouri, to teach at Missouri State. 

Dr. Khan decided to study economics as she found it sophisticated and intellectually satisfying. She wanted to be able to analyze the problems happening around her. When the financial sector was doing poorly, Khan wanted to understand what was happening and what needed to be done to fix it.

Dr. Khan’s major fields of study are macroeconomics and international economics. Growing up in Bangladesh influenced her areas of study. 

“When you grow up in a country with lots of poverty, you start thinking about what you can do to help. Which got me interested in macro,” explained Dr. Khan.

Research

Dr. Khan’s areas of research mirror her areas of study. She has conducted research in macroeconomics and international economics, primarily focusing on economic growth and trade. 

A current paper Dr. Khan is working on examines the effect of financial development on international trade and economic growth. In looking at the differential impact of the stock market and banking sector on international trade, Dr. Khan examines which factor is more important for influencing trade. 

When she used all of her countries, the results were not as clear as she thought they would be. After dividing them into developing and developed countries, she was better able to examine the relationship.

Dr. Khan found that developed countries are more reliant on the stock market. In developing countries, however, international trade increased more. She believes this could be because of their reliance on the banking sector due to not having very sophisticated stock markets.

“In the 1980s and 90s international organizations like the IMF put a lot of work into developing stock exchanges in developing countries, but they still relied on banking, so there was not a lot of use in opening the exchanges. This was part of my dissertation, and I am still working on it,” explained Dr. Khan.

Missouri State

In spring 2023, Dr. Khan will be teaching Introduction to Macroeconomics and Money and Banking. Money and Banking will focus on the relationship between the economy and money and banking. 

Dr. Khan enjoys bringing real-world examples into the classroom, and you will be sure to find that in her classes next spring. Seeing how much students enjoyed doing something real inspired her to integrate it into all of her classes. 

“I want to show them that it is not just a class but the real world,” said Dr. Khan.

Dr. Khan enjoys being in close proximity to students and the energy they bring to learning. Being able to share the knowledge she learns is one of her favorite things about being a professor.

“When I do research I gain more knowledge, but then I am filled with this knowledge and want to give it back out,” said Dr. Khan.

Explore Economics Courses Offered at MSU

Outside of Missouri State

Upon moving to Springfield, Dr. Khan was most surprised by the selection of stores and food options. 

“When I thought about moving to Springfield, I imagined a small town and not a lot of shops,” explained Dr. Khan.

She is happy with the diversity of cuisines and restaurants and is excited to explore what the city has to offer. On her weekends, Dr. Khan enjoys traveling and looks forward to being able to see the area.

When Dr. Khan is not at work, she enjoys cooking and baking and loves trying out new recipes. She also enjoys relaxing and finding a good television show to sit down to. 

Learn More

If you would like to hear more from Dr. Khan, she will be speaking to the Economics Club during the Fall 2022 semester. The Economics Club meets every Monday in Strong 303 at 7 p.m. Everyone is welcome to drop in or email Economics Club president, James Norman, at James218@live.missouristate.edu for more information. 

The post Faculty feature with Dr. Monika Islam Khan appeared first on Economics Department Blog.

Bureau of Labor Statistics

Keller is currently working as an economist at the Bureau of Labor Statistics in the office of Current Employment Statistics (CES).

The CES program produces industry estimates of nonfarm employment, hours, and earnings of workers on payrolls. Keller analyzes the microdata and helps prepare the CES Highlights each month. Other aspects of her job include conducting research, writing, and training.

In addition to her MBA, she received a graduate certificate in leadership. For anyone interested in pursuing a similar career, Keller recommends developing leadership skills so you can lead yourself and be a team player.

Explore a Graduate Certificate in Leadership

MSU Experience

Keller’s favorite economics class at Missouri State was applied econometrics. This class teaches students simple regression and multiple regression analysis. She enjoyed producing the final project as it required her to conduct original research.

“I ran the numbers myself and then wrote about it. It was really cool,” said Keller.

The thing Keller misses most about her time at Missouri State is her economics professors. She worked as the Graduate Assistant for the economics department for two years. She enjoyed working with the professors and her time as a GA.

Study Economics at Missouri State

Advice For Current Students

“Try not to memorize everything. Try to understand and think intuitively,” said Keller

The post Alumni spotlight with Kennedy Keller appeared first on Economics Department Blog.

Every Monday in Strong room 303 at 7 p.m., economics majors and non-majors meet to discuss a wide range of topics. It is a great opportunity to socialize in a relaxed environment and learn more about everything from current events and economic climates to history.

Inside a meeting

A typical meeting involves socializing, discussing upcoming social functions, and a country forum. Meetings last between 45 minutes to an hour and average around 15 members.

Every week the Economics Club president James Norman selects a new country of focus. Countries they have covered include Germany, Spain, and Japan.

The forum begins with a background discussion of the country. The discussion encourages dialogue and conversations about the nation’s past, present, and future economy.

It is a great opportunity to learn about other countries and economic situations around the world. The open dialog allows students to freely discuss and explore new ideas.

Future country forums will be decided based on the current interests of members. They hope to expand discussion topics to include micro issues such as The Great Recession. There will also be opportunities for interested members to lead presentations on a topic that interests them.

After the country forum, club members often go out to eat or grab ice cream. It is an opportunity for club members to get to know each other and socialize in a fun environment.

Social Events

Once a week, the club organizes and hosts a social event for members. Events have included attending a Missouri State Football game together and going to Andy B’s for bowling.

Events are decided upon during exec meetings. They look for activities that will be comfortable for everyone, including more introverted members.

To learn more about upcoming social events email Economics Club president James Norman at James218@live.missouristate.edu

Future of the club

The Economics Club works closely with the Economics Department. They are currently working on redesigning the Economics Club logo. The department has been providing funding and is a great resource for attracting new members.

The Economics Club is a great way for students to develop relationships with faculty. Faculty are often getting involved and working alongside the club.

Later in the semester, the Economics Club plans to host a showcase with the Economics Department for classes they are offering in the spring. The club hosted an event with the Federal Reserve in August and hopes to host a similar event with the State Department in the spring.

Student Price Index

The club has been working to update its student price index.

“This is a historical model that shows inflation and the natural prices for what local students in Springfield would buy. It has everything from milk, housing, and beer,” explained Economics Club President James Norman

The purpose of the index is to estimate the change in prices for a group of goods a Missouri State student is likely to buy. You are able to examine price increases and fluctuations.

They have begun updating it monthly due to the current economic environment. The model is currently only viewed by club members, but they aim to publish the index by the end of the semester.

They are also considering making a Student Booze Index. For this model, students would interview and collect data from Missouri State students. They believe this would be a fun project to interact with students on campus.

Get Involved

The economics club meets every Monday in Strong 303 at 7 p.m.

Students are welcome to drop by meetings or email club president James Norman at James218@live.missouristate.edu to receive more information about upcoming events and meetings.

The post The Missouri State economics club appeared first on Economics Department Blog.

Springfield business owner accused of PPP fraud

John Michael Felts, owner of Hot Cluckers, Taco Habitat, and Bourbon & Beale, is being sued by the federal government. Felts is being accused of using money from Paycheck Protection Program loans to fund personal home improvements.

Felts is believed to have used fake identities to apply for at least twelve PPP loans that added up to hundreds of thousands of dollars. 

“The government was trying to get money out the door as quickly as possible, and when that happens, of course, that opens yourself up to fraud,” said Dr. Mitchell.

To read more about what Dr. Mitchell had to say about PPP loan fraud, click the link below. 

Read More

Economists say families should expect food prices to go up again

Consumers have seen an increase in prices at the grocery store. According to economists, this price increase will continue to grow.

Dr. Mitchell discusses the effects of a drier climate in the West and in the Ozarks.

“When you’re seeing the price of grass and hay go up farmers and ranchers are going to have to get feed for the cows, pigs, sheep, they’re gonna have to get that somewhere else,” Dr. Mitchell said.

If you want to learn more about why we are seeing grocery price increases and Dr. Mitchell’s predictions on consumer behavior, click the link below.

Read More

The post September economics news round up appeared first on Economics Department Blog.

Norman is from Dexter, Missouri, located in the bootheel. Missouri State was the perfect fit as it was far enough from home. When James visited the campus, he felt a click and knew it was where he wanted to attend college. 

In the bootheel, Norman’s family does one of two things: they work at the farm or the family business, Norman Insurance and Financial Services. James was heavily involved with the firm in high school. 

He began to learn about the 2008 financial crisis during high school. His family was able to survive The Great Recession with the finance firm. 

Learning about this history sparked an interest in studying business. Norman considered finance but ultimately decided economics was the perfect fit as it was broad enough to encapsulate all his interests. 

James plans to work in banking once he graduates. He currently works as a bank teller and plans to transition into a different role once he earns his degree. 

Experience as an Economics Student

Norman is pursuing a bachelor of science in economics with a minor in history. He chose history as his minor because he believes it gives a lot of context to how markets have developed in the past. 

“Context is key for understanding what is going on now and what will go on in the future,” explained Norman. 

His favorite economics class has been Economic Analysis of Law with Dr. Mitchell.

“Dr. Mitchell has come about the class in a very unique way. For example, we have had to completely make a unanimous contract over how the class would be structured,” said Norman.

Students decide on all aspects of the class ranging from whether they will have tests or midterms to what the grading scale will look like. Dr. Michell also has to agree and joins in on the discussion.

He found studying the law to be very interesting and complementary to economics. In knowing how the legal system works, Norman feels he has gained an important understanding of how economics works within the legal realm. 

Norman would recommend studying economics to any student as he believes the way it is taught at Missouri State is broad enough to appeal to the interests of any student. 

“We have really supportive staff. The Economics Department is one of the most hospitable and tight-knit departments I have worked with. Every interaction I have had within the department has been very positive,” said Norman.

Study Economics at Missouri State

The Economics Club

James is the acting president of the Economics Club on campus. He got involved with the club in the fall of last year. He wanted to be more involved on campus and in the department. 

He was encouraged to email the president at the time. After doing so, he began attending meetings and found it was a group of chill people he enjoyed being around.

Over the summer, James worked with a fellow exec member to bring in new ideas. His goal for the club is to make a foundation based on longevity and quality.

“During my last semester, I want to step down as president and know there will be a capable undergraduate student that will be able to continue the club and its tradition,” said Norman.

To learn more about the economics club and when they meet, email James at James218@live.missouristate.edu

Advice for Underclassmen

When asked if he had any advice for fellow students, Norman said the following, “Get involved in a campus organization where you feel comfortable. The social aspect is a good building block as you are more likely to stay here if you have friends.”

The post Student spotlight with James Norman appeared first on Economics Department Blog.

Have you tried to stargaze and been unable to see any celestial bodies at all?

Dr. David Mitchell, economics professor at Missouri State University, explains light pollution.

“It’s obtrusive or unwanted light that’s coming at night. And you can kind of think of it as a pollutant to animals and nature,” he said.

For a conservationist or ecologist, the subject seems to be a natural fit for an area of interest and research. Mitchell says from an economist’s perspective, this is a fascinating area as well.

Why are dark skies important?

“If you had a chemical spill in your local state park that killed a lot of the animals and destroyed a lot of the nature, people would be up in arms about it. Light pollution is very, very similar to that,” he said.

“It imposes these costs that are kind of difficult to see that people don’t know about. And as economist, of course, we’re interested in costs. We’re interested in reducing costs and getting benefits.”

Attend the Dark Skies conference

On Oct. 3-4, Missouri State will be hosting “Seeking the Dark: Nighttime Beauty, Biology and Tourism.” It’s the Missouri Chapter of the International Dark-Sky Association’s 2021 conference, which will have three tracks: education, conservation and policy.

This free conference will feature a keynote presentation entitled “The Last of the Dark” in the Plaster Student Union on the evening of Oct. 3.

Register or learn more

Looking to the sky

Mitchell has studied this area with his colleague Dr. Terrel Gallaway for several years, and he’s glad to see the issue is getting more recognition.

“If you look at the skies over Springfield, Missouri, you might see 20 stars. If you’re in a place out in the western part of the United States, where you have literally dark skies, you can see thousands of stars,” Mitchell said.

“Not only does it attract tourism, but it also helps to keep the local animal flora, fauna, insect population in check. And that’s the things that a lot of people are going to the national parks for in the first place.”

Read the transcript

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Dr. David Mitchell, professor of economics at Missouri State University, offers some suggestions to Fatherly.

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